Is the Bank expected to process Form M for the customer or does the customer process and forward documents to bank for PAAR?

Is the Bank expected to process Form M for the customer or does the customer process and forward documents to bank for PAAR?
January 6, 2020 Kelechi Okekeghe

The customer is expected to open form M through the CBN e-form M single window. However, any customer that will like the bank to process same on their behalf will provide the bank with the following details.

  • a). Tax Identification Number (TIN) which would have been activated by FIRS
  • b) Proforma Invoice (PFI)
  • c) Insurance
  • d) Regulatory permits e.g SONCAP, NAFDAC, DPR as applicable